An annualized funding rate of -17,000% is outrageous. This isn't trading; it's basically being forced to have your head held down while someone siphons off your funds.

CoinWorld news reports that Piggybank released a June 6 lab incident report, disclosing that the protocol experienced a net withdrawal of approximately $579,000, stemming from market manipulation of the lab token basis trading. In early May, Piggybank purchased 142,800 locked lab tokens (about $102,500) via OTC intermediaries and opened perpetual contract short positions for hedging. Market participants kept the spot price above the perpetual contract price, resulting in an annualized funding rate of -17,000%. The hedging costs forced the shorts to close, with losses of about $476,000. The spot value of the related locked lab tokens is approximately $1,000,000, but due to poor liquidity and lack of hedging, they have been excluded from the NAV calculation. Piggybank has pledged to compensate affected users.